Economics Weekly by Lloyds TSB

This week is considerably quieter in terms of UK economic data. Several housing market releases should get the most market attention, with net mortgage lending and mortgage approvals for May

US payrolls to show sharp decline

This week is considerably quieter in terms of UK economic data. Several housing market releases should get the most market attention, with net mortgage lending and mortgage approvals for May, as well as the Nationwide house price index for June, providing the latest snapshot of the current state of activity. Both lending and approvals have trended sideways over the past few months, and more of the same is expected, with net lending likely to remain around £0.5bn and approvals up very marginally to 52k. Also out during the week, the final release of Q1 GDP is expected to confirm the previous 0.3% quarterly growth estimates, while the manufacturing PMI index is expected to fall back a touch to 57.5 but remain at a level consistent with robust growth in the sector. The Bank of England publishes its quarterly Credit Conditions survey on Friday.